Basler AG

Earnings Release • Aug 21, 2002

News Details

Ad-hoc | 21 August 2002 07:59

Basler AG english

Basler makes progress in turning the company around Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Basler makes progress in turning the company around Sales and bookings in 1st half of 2002 increased-losses markedly lowered- positive result for 2nd half 2002 expected-turnaround for full year delayed Ahrensburg, 21.08.2002 – In 2nd quarter 2002, Basler AG posted its best results in six quarters. Sales revenues of Euro 8.1 mill. were significantly higher than 1st quarter 2002 (Euro 3.5 mill. or +131%) and the year-earlier quarter (Euro 7.6 mill., +7%). Year-to-date sales for these 1st half year totaled Euro 11.5 mill. and ranged 21% below the same period last year (Euro 14.6 mill.). The positive trend in new orders observed since the start of the year continued into the 2nd quarter. New orders valued at Euro 9.7 mill. increased 59% over the previous quarter (Euro 6.1 mill.) and 26% over the prior-year quarter (Euro 7.7 mill.). Orders received in the first fiscal half of 2002 totaled Euro 15.8 mill. (+5% with Euro 15.0 mill. for the 1st half of 2001). Results for 2nd quarter 2002 improved markedly thanks to increasing sales. The net loss of Euro -0.4 mill. was 87% less than in the 1st quarter (Euro -2.8 mill.) and 71% better than in the same quarter last year (Euro -1.3 mill.). The total net loss for the 1st half of 2002 was Euro -3.2 mill., or a drop of 17% from a year ago (Euro -3.8 mill.). Although Basler AG made important progress as it moved forward along the path to turning the business around, it will not be able to fulfil the scheduled timing. Additional sales and increased new bookings indicate that investment behavior in Basler’s relevant target markets will further normalize. Because of unexpected low investment activities in the main markets Korea and Taiwan the Business Unit Display Inspection is expected to show less profits. Therefor the result for the full year will still show a net loss and the turnaround for the full year will from today’s point of view only be achieved in the transcourse of next year. Profit is already expected for the second half of this year, which means that the results for the full year 2002 will turn out better than the results for the first half. Basler has resolved to adhere to the Code of Corporate Governance to document a responsible corporate governance and thus to further promote and enhance the trust of its shareholders. Christian Höck, Tel. 04102 – 463 175, christian.hoeck@baslerweb.com end of ad-hoc-announcement (c)DGAP 21.08.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Basler makes progress in turning the company around Sales and bookings in 1st half of 2002 increased – losses markedly lowered – positive result for 2nd half 2002 expected – turnaround for full year delayed Ahrensburg, 21 August 2002 – Basler Vision Technologies – leading supplier of vision technology, the technology of artificial vision – posted second-quarter 2002 results that were its best in six quarters. Sales revenues of Euro 8.1 mill. were significantly higher than both first quarter 2002 (Euro 3.5 mill. or +131%) and the year-earlier quarter (Euro 7.6 mill. or +7%). Year-to-date sales for this first half year totaled Euro 11.5 mill. and ranged some 21% below the same period last year (Euro 14.6 mill.). The Vision Systems division contributed Euro 5.5 mill. in sales revenues (+202% better than first quarter’s Euro 1.8 mill.). Inspection systems for DVD storage media is just one of the areas where an improved investment climate is making itself felt. Sales in the Vision Components division improved to Euro 2.5 mill., or 55% better than the previous quarter (Q1/2002: Euro 1.6 mill.). This business segment’s high-performance cameras are enjoying renewed demand mostly from Europe and Asia. The rise in revenues within Vision Components is also attributable to its continually expanding product portfolio. Vision Systems posted overall sales of Euro 7.4 mill. this first half year, while Vision Components attained Euro 4.1 mill.. The positive trend in new orders observed since the start of the year continued into the second quarter. New orders valued at Euro 9.7 mill. increased 59% over the previous quarter (Euro 6.1 mill.) and 26% over the prior-year quarter (Euro 7.7 mill.). Orders received in the first fiscal half of 2002 totaled Euro 15.8 mill. (+5% better than the Euro 15.0 mill. for the first half of 2001). The Vision Systems division contributed Euro 7.0 mill. to this order volume (+56% compared to Euro 4.5 mill. in Q1/2002 and +3% better than the Euro 6.8 mill. in Q2/2001), whereby Euro 4.7 mill. (67%) is attributable to the Optical Media Inspection element and the revitalized business with DVD inspection systems. Vision Components improved once again by garnering orders valued at Euro 2.7 mill. (+69% over the Euro 1.6 mill. in Q1/2002 and +170% better than the Euro 1 mill. of Q2/2001). All incoming orders will be invoiced this year assuming that orders processing proceeds normally. Comparative data by segment for last year is not available. Second-quarter sales were overall slightly below the company’s expectations, whereas new orders were within budget. Results for second quarter 2002 improved markedly thanks to increasing sales. The net loss of Euro -0.4 mill. was 87% less than in the first quarter (Euro – 2.8 mill.) and 71% better than in the same quarter last year (Euro -1.3 mill.). Included here are one-time charges of Euro 0.6 mill. for exchange-rate effects and risk-prevention measures. The total net loss for the first half of fiscal 2002 was Euro -3.2 mill., which is 17% less than last year (Euro -3.8 mill.). Liquidity remained stable. As of the 30 June 2002 reporting date, cash flow totaled Euro 1.2 mill. (Euro -0.8 mill. compared to the Euro 2.0 mill. of 31 March 2002). A sales-related capital commitment is the reason for this drop. The groupwide gross margin of 74% remains at a high level (Q1/2002: 64%, Q2/2001: 57%). A look at the numbers: In mill. Euro / Q2-2002 / Q2-2001 / 1st Half 2002 / 1st Half 2001 Sales 8.1 / 7.6 / 11.5 / 14.6 Operating results -0.3 / -1.1 / -3.2 / -4.6 Net earning/loss -0.4 / -1.3 / -3.2 / -3.8 Earnings per share (in Euro) -0.11 / -0.36 / -0.90 / -1.09 New orders 9.7 / 7.7 / 15.8 / 15.0 Employees (as of reporting date) 259 / 293 / 259 / 293 In the course of second quarter 2002 Basler AG made important progress as it moved forward along the path to turning the business around, although it will not be able to fulfil the scheduled timing. The quarter still shows a net loss. The additional sales and increased new bookings indicate that investment behavior in Basler’s relevant target markets will further normalize in the course of the latter half of the year. While business in the units Optical Media Inspection, Sealing Inspection and Web Inspection as part of the Segment Vision Systems will run as planned, the Business Unit Display Inspection will not be able to fulfil the expectations, because of an unexpected low investment activity in its main markets Korea and Taiwan. The Segment Vision Components will continue to perform better than expected. Due to the missing profit of Display Inspection it is expected that the result for the full year will still show a net loss, and that additionally from today’s point of view the turnaround in form of a steady balanced result will only be achieved in the transcourse of next year. Profit is already expected for the second half, which means that the full year 2002 will turn out better than the first half. All sales activities will be further intensified and the course of strict cost management will be coninued. As of 30 June 2002, the Managing Board and Supervisory Board of Basler AG have resolved to adhere to the German Code of Corporate Governance. Basler AG wishes to publicly document how the Managing Board and Supervisory Board want to implement responsible corporate leadership and control that is geared toward increasing the value for its stakeholders. Doing so will encourage and enhance the trust and confidence of current and future shareholders, our customers and employees, as well as other interested parties from the general public. Basler AG will issue a statement every quarter outlining the extent to which corporate management is in compliance with the code’s provisions. Any deviation from the code will be appropriately explained and justified. Enacting of the code will also become a verifiable component of the annual audit and therefore an integral part of the management report. Basler AG’s Quarterly Report Q2/2002 and its statement of commitment to the Code of Corporate Governance are available for downloading at www.baslerweb.com. Additional Information: Christian Höck, Tel. ++49 (0)4102- 463175, christian.hoeck@baslerweb.com ——————————————————————————– WKN: 510 200; ISIN: DE0005102008; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart 210759 Aug 02